Their own guidance suggests that any rate increase is only likely in the second half of 2019. On a much longer term horizon, policy divergence can continue and should be expected.
It has been only synchronised over the last 10 years, post-financial crisis.
As the global nature of the financial system meant that very few parts of the world were untouched, the policy easing thereafter required co-ordination.
In the recovery, however, the different structural nature of each region has led to varying economic performance.
It should come as no surprise that as rates rise the pace will differ.
Sandra Holdsworth is head of rates at Kames Capital